Visa has launched FinTech Partner Connect, a new initiative that will provide financial institutions and merchants in Europe with new digital payments experiences.

The rollout of the programme across Europe will make the capabilities of Visa’s FinTech partners available to the company’s clients.

The company said that FinTech Partner Connect will support new ways for businesses and consumers to securely pay, get paid and send money.

The move comes amid rising demand for digital payment experiences during the COVID-19 pandemic and follows a successful pilot programme which has seen a number of Visa clients benefit from guidance and expertise from FinTechs within the network.

Mark Nelsen, senior vice president of Europe Product, at Visa, said: “The popularity and need for digital payments and online banking has never been greater with the global pandemic accelerating this shift in behaviour.

“This means that financial institutions and businesses of all sizes are looking for ways to rapidly develop their offerings. Visa Fintech Partner Connect enables them to do just that, combining Visa expertise with some of Europe’s most innovative fintechs to develop next generation digital solutions.”

Fintech Partner Connect will enable Visa’s clients to access the following solutions from its 13 partner FinTechs:

Consumer Digital Journey with 11:FS Pulse - a research and benchmarking platform that provides on-demand videos of customer journeys from FinTech and financial services companies;

Consumer Credit Insight with Aire – use of first-party data in credit scoring to provide new credit insight to lenders, gathered directly from the individual;

SME Credit Risk with AccountScore – uses Open Banking technology to provide cutting-edge transaction analytics for financial services companies;

Buy Now and Pay Later with ChargeAfter – enables merchants to offer personalised and instant financing to their customers from multiple lenders, in turn allowing lenders to increase their customer base;

SME Data with Codat – connects small businesses to banks and other financial institutions, by simplifying and integrating financial and accounting software into one API platform;

Merchant Search powered by Snowdrop Solutions – enables issuers to simplify the transaction details displayed to their consumers through displaying clearer merchant details;

Transaction Compliance with ComplyAdvantage - a global AI-driven database of people and companies to power anti-money laundering and financial crime detection;

Sustainable Banking with ecolytiq - analyses payment transactions in real-time to calculate CO2 footprints on an individual level, helping consumers understand their ecological impact, change their behaviour, and offset their carbon footprint;

Subscription Management with Minna Technologies – providing the ability for bank’s customers to control their subscriptions, identifying, cancelling and improving them all within their mobile banking app;

Digital Identity Verification with Onfido - uses a hybrid of AI and human expertise to remotely prove a user’s real identity, by assessing whether a photo ID is genuine, and matching it against a selfie;

Budgeting and Affordability with OpenWrks - uses Open Banking, combined with Conversational AI, to help businesses transform their existing lending processes and provide seamless applications that help customers better understand affordability;

Personalised Customer Engagement Platform with Personetics - delivers data-driven proactive engagement, analysing financial data in real-time, understanding individuals’ financial behaviours, anticipating their needs and acting on their behalf;

Marketplace Payments and Escrow with Paycast, (powered by Shieldpay) - allows online merchants, e-commerce platforms and marketplaces to direct and control B2B and P2P payments to pay online sellers, gig-economy workers and freelancers.

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